Ethereum has stalled after hitting the pivotal highs of $420 earlier this week. The coin now trades for $408, failing to break higher even as Bitcoin flirts with yet another breakout ahead of the weekly close.
Despite the mixed price action, analysts think ETH remains in bullish standing.
Ethereum Analysts Thinks the Uptrend Is Intact
One crypto-asset analyst shared the chart below on October 25th. It shows that Ethereum remains in a consolidation below a pivot level. Even still, the uptrend still seems to be intact as ETH holds the $400 support region:
Chart of ETH's price action over the past few weeks with an analysis by crypto trader Trading Cyclist (@FullGasTrader on Twitter). Source: ETHUSD from TradingView.com
This was echoed by another analyst just recently as Bitcoinist reported previously. This other commentator noted that the coin is currently about to print another leg higher as it consolidates between $405 and $420.
Chart of ETH's price action over the past few weeks with an analysis by crypto trader Steve (@Thetradingtramp on Twitter). Source: ETHUSD from TradingView.com
ETH2 Blow Dealt
One of Ethereum’s crucial bullish fundamental catalysts may be put on hold for now, though.
As first reported by CoinDesk, Ethereum Foundation researcher Danny Ryan commented that the ETH2 deposit contract may be pushed back due to audits.
The deposit contract is the contract that will link the original Ethereum chain to the 2.0 chain, which will have staking enabled.
Commenting on the Bankless podcast, hosted by Ryan Sean Adams and David Hoffman, Ryan commented on the matter:
Other Ethereum researchers and developers think there will be a delay between the publishing of the deposit contract and the actual launch of the chain.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Here's Why Analysts Think That Ethereum's Uptrend Remains on Track
Originally from Bitcoinist.com https://ift.tt/31JGxu9
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